Condos are Coming to Miami

Miami—Melo Group has been completed on Bay House, a 165-unit condo development in the East Edgewater district of Miami. The 38-story tower is thus one of the first newly constructed condos to deliver in the area, where more than a dozen new residential projects are currently under way.

Bay House unit owners are expected to begin moving in short order. Located at 600 NE 27th Avenue, the condo’s 99 percent sold, with only two penthouse units still unbought. Ranging from 2,766 square feet to 3,512 square feet, their prices are $2 million and up.

Except for the penthouses, Bay House condos are comprised entirely of three-bedroom units, ranging from about 1,581 to 1,720 square feet. Residences feature private and semi-private elevators, floor-to-ceiling impact-resistant glass, and terraces with direct bay and city views. Common amenities include a 20,000-square-foot resort deck with a swimming pool, Jacuzzi, outdoor lounge, cabanas and barbeque pavilion.

Bay House is Melo Group’s fifth residential tower completed this cycle, and 14th project overall in Miami. Its delivery of 23 Biscayne in 2011 was the first new condo development to launch and sell out during the current real estate cycle, a process spurred by cash-heavy buyers, often from Latin America.

Melo Group plans to deliver 2,000 residential units over the next two years in the form of market-rate rental projects as well as high-end condos. The company’s next project is the 647-unit Aria on the Bay condos, which will be in Downtown Miami’s Arts & Entertainment district. The 53-story tower will be designed by Arquitectonica, with construction slated to get under way this summer, for a mid-2017 completion.